Garrett Motion (NASDAQ:GTX) Reaches New 52-Week High on Analyst Upgrade

Shares of Garrett Motion Inc. (NASDAQ:GTX) reached a new 52-week high during mid-day trading on Thursday after BWS Financial raised their price target on the stock from $32.00 to $42.00. BWS Financial currently has a buy rating on the stock. Garrett Motion traded as high as $32.51 and last traded at $32.6640, with a volume of 1007412 shares trading hands. The stock had previously closed at $30.70.

A number of other equities research analysts have also issued reports on the stock. Weiss Ratings started coverage on shares of Garrett Motion in a report on Wednesday, April 29th. They set a “buy (b)” rating on the stock. Stifel Nicolaus boosted their price target on shares of Garrett Motion from $29.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Freedom Capital lowered shares of Garrett Motion from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $24.00 price target on shares of Garrett Motion in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Garrett Motion from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, May 14th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.80.

Insider Activity at Garrett Motion

In related news, Director Daniel A. Ninivaggi sold 17,178 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $31.22, for a total transaction of $536,297.16. Following the transaction, the director directly owned 124,885 shares of the company’s stock, valued at approximately $3,898,909.70. The trade was a 12.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Olivier Rabiller sold 144,000 shares of the business’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $20.32, for a total transaction of $2,926,080.00. Following the completion of the sale, the chief executive officer directly owned 905,546 shares of the company’s stock, valued at $18,400,694.72. This represents a 13.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 354,178 shares of company stock valued at $7,375,587. Company insiders own 1.10% of the company’s stock.

Institutional Trading of Garrett Motion

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in Garrett Motion by 45.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,705,484 shares of the company’s stock valued at $23,229,000 after purchasing an additional 529,949 shares during the last quarter. Convergence Investment Partners LLC acquired a new position in Garrett Motion during the 3rd quarter valued at $1,573,000. Federated Hermes Inc. acquired a new position in Garrett Motion during the 3rd quarter valued at $1,646,000. Comerica Bank raised its stake in Garrett Motion by 22.0% during the 4th quarter. Comerica Bank now owns 251,371 shares of the company’s stock valued at $4,381,000 after purchasing an additional 45,370 shares during the last quarter. Finally, Renaissance Group LLC acquired a new position in Garrett Motion during the 3rd quarter valued at $1,156,000. 86.27% of the stock is owned by institutional investors.

Garrett Motion Stock Performance

The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of 19.10, a PEG ratio of 0.99 and a beta of 0.70. The company’s 50 day moving average is $21.46 and its 200 day moving average is $19.22.

Garrett Motion (NASDAQ:GTX) last released its earnings results on Friday, May 1st. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.43 by $0.06. Garrett Motion had a net margin of 9.29% and a negative return on equity of 42.77%. The firm had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $917.23 million. The firm’s revenue was up 12.2% on a year-over-year basis. On average, equities research analysts anticipate that Garrett Motion Inc. will post 1.83 earnings per share for the current fiscal year.

Garrett Motion Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a $0.08 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.0%. Garrett Motion’s dividend payout ratio is currently 18.71%.

Garrett Motion Company Profile

Garrett Motion Inc is a technology leader specializing in the design, development and manufacture of turbocharging systems and related technologies for the global automotive industry. Its product portfolio includes conventional exhaust gas turbochargers, variable-geometry turbochargers, electric and e-boost turbochargers, as well as electronic actuators, sensors and thermal management systems. The company’s solutions are engineered to improve engine efficiency, reduce emissions and support automakers’ efforts to meet evolving regulatory standards for fuel economy and air quality.

Garrett Motion traces its roots to the founding of AiResearch by Cliff Garrett in 1936, a pioneer in aircraft and automotive turbocharging technologies.